Berkshire Hathaway buys $19.78 billion in stocks, keeps $366B cash

Berkshire Hathaway’s new CEO Greg Abel ended a 14-quarter streak of net stock sales in the second quarter, snapping a long run of cautious investing that followed Warren Buffett’s retirement. For the three months ended June 30, Berkshire spent $23.47 billion buying equities and sold just $3.69 billion, booking a net purchase of $19.78 billion—the first time the conglomerate has been a net buyer since late 2022. The shift arrives as Wall Street braces for Berkshire’s closely watched earnings report, due after the market closes on August 14, which investors treat almost as a market-moving event.

The buying spree is not a blanket vote of confidence in equities. A large chunk of the purchases—including a $10 billion private placement—went into Google parent Alphabet, suggesting Abel sees value in specific blue chips rather than in the broader market. Berkshire already tripled its stake in Alphabet’s Class A shares in the first quarter and opened a new position in Class C shares, then followed up with the $10 billion private deal in April through June. Abel’s selective approach echoes Buffett’s long-standing discipline of favoring businesses with durable advantages over market momentum.

Berkshire’s cash pile has swollen since late 2022, partly because equities have looked historically expensive. Even after nearly $20 billion of net buying, Berkshire’s leaders still carry a $366 billion warning for Wall Street: cash remains king when valuations look stretched. The 13F filing will reveal the full list of Abel’s targets once markets close, but the Alphabet concentration already signals caution rather than a rush back into stocks at any price.

What happens next matters for both Berkshire shareholders and the broader market. If Abel keeps buying selectively while holding high cash reserves, it reinforces the idea that top-tier bargains are scarce even after a long bull run. If the Federal Reserve signals fresh policy shifts in coming weeks, Berkshire’s balance sheet could become a barometer for how corporate America balances growth and safety. Either way, the first net-buy quarter under Abel is a signal worth watching—not a green light to load up on every stock.